United Breweries

United Breweries said it would commission a new canning line at its Ellora Brewery in Maharashtra, backed by a ₹110 crore investment and expected to become operational in September 2026 subject to statutory approvals. The line, Ellora's first, was designed to run 40,000 cans per hour and produce Kingfisher Strong, Kingfisher Premium, Bullet Strong and London Pilsner alongside the brewery's existing bottling operations. The project followed the commissioning of a ₹90 crore canning line at UBL's Nizam Brewery in Telangana in July, which added 0.4 million hectolitres of capacity. United Breweries reported gross revenue of about ₹17,456 crore in FY26 and operated as India's largest beer manufacturer under majority owner Heineken.

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By Bharath Rajeswaran

Aug 13 (Reuters) - Global index provider MSCI said on Thursday it will add four Indian companies to its widely tracked Global Standard index and remove three as part of its August review, underscoring the continuing churn in India's representation within global passive portfolios.

The changes will be implemented after the close of trading on August 31, 2026, and take effect on September 1, MSCI said.

Laurus Labs LAUL.NS, an active pharmaceutical ingredients manufacturer; Lenskart LENS.NS, an omnichannel eyewear retailer; Adani Energy Solutions ADAI.NS, the Adani Group's power transmission and distribution arm, and Groww BILO.NS, a digital investment and broking platform, will enter the index.

They will replace tyre maker Balkrishna Industries BLKI.NS, credit-card issuer SBI Cards SBIC.NS, and building-materials company Astral ASTL.NS. Following the reshuffle, the number of Indian constituents in the key MSCI index will rise to 166 from 165.

India's weightage in the global standard index will also rise to 11.9% from 11.8%, according to Nuvama Alternative and Quantitative Research.

The inclusion is expected to trigger significant buying by exchange-traded funds and other passive investors that replicate MSCI benchmarks.

Nuvama Alternative and Quantitative Research estimates potential inflows of about $598 million for Laurus Labs, $352 million for Lenskart, $310 million for Adani Energy Solutions and $256 million for Groww.

Conversely, Balkrishna Industries, SBI Cards and Astral could see estimated passive outflows of $169 million, $143 million and $138 million, respectively.

The review also recalibrated weights among existing index members. Eternal ETEA.NS is projected to attract the largest incremental passive inflow, at around $674 million, following an increase in its weight. Adani Enterprises ADEL.NS and Adani Ports APSE.NS could receive about $202 million and $77 million, respectively.

Reliance Industries RELI.NS is estimated to face outflows of roughly $523 million, while Jio Financial Services JIOF.NS may see $61 million in outflows.

Separately, MSCI's Small Cap index review added companies including Amagi Media Labs AMAI.NS, Ather Energy ATHR.NS, Clean Max CLEM.NS, E2E Networks EENE.NS, Embassy Developments EMBS.NS, Patanjali Foods PAFO.NS, Rubicon Research RUBI.NS, Sedemac Mechatronics SEDE.NS, Sky Gold and Diamonds SKYG.NS, United Breweries UBBW.NS, Urban Company URBN.NS and WeWork India WEWO.NS, while removing 19 stocks.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Rashmi Aich)

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** Margins of India's United Breweries UBBW.NS remain under pressure despite volume recovery, analysts say

** Company posted lower first-quarter profit on Tuesday, pressured by high raw material costs and stiff competition

** Ambit Capital and Dolat Capital say UBBW reports 9% volume growth in the quarter, driven by strong demand in Karnataka, Maharashtra and Jharkhand, but growth trails industry expansion of about 13%

** Both brokerages say inflationary pressures linked to glass bottles, packaging, freight and energy costs weigh on profitability, with gross margin contracting about 155 bps-165 bps and EBITDA falling about 9% Y/Y

** Ambit Capital says regulatory challenges, limited pricing flexibility and continued input-cost inflation likely to keep FY27 margins under pressure, prompting it to cut FY27 EBITDA and PAT estimates by 11% and 9%, respectively

** Dolat Capital says headwinds from cost inflation, higher brand investments and rising depreciation outweigh benefits from premiumisation and price hikes

** YTD, stock down 12.44%

(Reporting by Kashish Tandon in Bengaluru)

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Aug 4 (Reuters) - United Breweries Ltd UBBW.NS:

• UNITED BREWERIES JUNE-QUARTER PROFIT 1.66 BILLION RUPEES

• UNITED BREWERIES JUNE-QUARTER REVENUE FROM OPERATIONS 59.17 BILLION RUPEES

Source text: ID:nBSE93T4hm

Further company coverage: UBBW.NS

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July 2 (Reuters) - United Breweries Ltd UBBW.NS:

• RECEIVES DEMAND NOTICE FROM MARKET COMMITTEE PATIALA

• DEMAND NOTICE TOTALS 1.16 BILLION RUPEES INCLUDING FEES, PENALTY, RDF, AND INTEREST

Source text: ID:nBSE7plydX

Further company coverage: UBBW.NS

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By Aditya Kalra

NEW DELHI, June 12 (Reuters) - Indian groups representing alcohol giants Diageo DGE.L, Pernod Ricard PERP.PA, Heineken HEIN.AS and Carlsberg CARLb.CO, accused the southern Indian state of Telangana of breaching accounting rules over dues it owes them totalling nearly $400 million.

Telangana, the country's biggest beer-consuming state by volume, like many other local governments in India, requires liquor companies to supply only to state-run depots, which then sell to retailers, forcing the companies to rely on state governments for payment.

The system has long soured relations with big drinks companies and last year Telangana officials acknowledged they owed money to liquor firms without giving reasons for the delayed payments.

The state government has from this month been paying off new dues early, while old debts pile up, the industry leaders said. Contractually, early payments can be made at a slightly lower rate, but that has to be agreed with the companies that say the government is acting unilaterally.

On Friday, industry bodies the Brewers Association of India, the Confederation of Indian Alcoholic Beverage Companies and the International Spirits and Wines Association of India, which together represent 80% of the country's liquor, beer and wines market, issued a joint statement raising concerns about the risk of bad debts.

RISK OF BAD DEBT?

"Old outstanding (payments) may remain unpaid turning into bad debt over time thus creating massive financial burden and risk for the industry," the groups said, adding not paying old dues first was "fraught with non-compliance" with accounting standards.

The statement assessed the amount owing for December 2025 to April 2026 dues at 37.25 billion rupees ($392 million).

The Telangana government did not respond to requests for comment from Reuters, and neither did Diageo, Pernod, Heineken's United Breweries, Carlsberg and Anheuser-Busch InBev.

For international companies, India has the lure of being one of the relatively few places where alcohol demand is growing, but the many obstacles to profitability include high taxation and separate regulations in each state as well as the current payments row.

Pernod is also locked in an antitrust case and fighting a $314 million tax demand from India, while Anheuser-Busch InBev is contesting a competition law case.

(Reporting by Aditya Kalra; editing by Barbara Lewis)

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By Praveen Paramasivam and Chandini Monnappa

CHENNAI/BENGALURU, June 8 (Reuters) - From smaller packs on shelves to higher prices at checkout, Indian companies are scrambling to protect their margins as surging oil, freight and insurance costs - and strained household budgets - pile on pressure.

The U.S.-Israeli war on Iran has disrupted trade routes and lifted input costs globally, hitting import-reliant economies like India harder, where a weaker rupee is adding to inflation and complicating pricing decisions as demand remains uneven.

"We are among the world's most vulnerable countries," economist Jayati Ghosh said, warning higher oil and fertiliser costs, weaker Gulf demand, softer remittances and potential capital outflows could stoke inflation and slow growth.

Consumer goods makers Hindustan Unilever HLL.NS, Godrej Consumer Products GOCP.NS and Dabur India DABU.NS have already rolled out low- to mid-single-digit price hikes across categories, with Britannia BRIT.NS preparing similar moves.

Pricing power remains weak in mass segments, with companies holding the line on 10- to 20-rupee (11- to 21-cent) packs and shrinking product sizes instead of raising prices outright.

"We are reducing grammage because we can't breach those price points," said Mohit Malhotra, global CEO at Dabur.

Automakers Maruti Suzuki MRTI.NS, Mahindra & Mahindra MAHM.NS, Tata Motors Passenger Vehicles TAMO.NS and Hyundai Motor India HYUN.NS have also hiked prices.

"We were left with no choice," said Partho Banerjee, Maruti's senior executive officer for marketing and sales, adding that raising prices was not good for customers, especially first-time buyers.

Airlines IndiGo INGL.NS and Air India are trimming capacity, especially on fuel-heavy international routes, and increasing fares to offset higher aviation fuel costs.

Consumers are feeling the squeeze.

"I have no family to feed, no school fees, and no monthly payments on a car. I'm still watching my spending as prices are up for almost everything, from travel to packaged food," said Aditi Anjana, a Mumbai-based communications professional who is in her 30s.

BELT-TIGHTENING MODE

With limited room to pass on costs, companies are turning inward and cutting costs to cushion margins.

Hindustan Unilever HLL.NS has cut advertising spend, while others are trimming non-essential travel and marketing costs.

"The scope for further cost-cutting is gradually narrowing," Axis Direct analyst Uttam Kumar Srimal said, adding prolonged commodity and fuel inflation could force sharper price hikes or margin hits.

Sectors with high global exposure, including aviation, oil and gas, chemicals, logistics and capital goods, may remain under margin pressure, said Shweta Rajani, associate director at Anand Rathi Wealth.

RESETTING SUPPLY CHAINS

Firms are also reworking supply chains to manage disruptions. Companies with Middle East exposure are rerouting shipments, diversifying sourcing, and shifting production.

Dabur, an Indian rival of Colgate-Palmolive, is using alternative routes via Egypt and Turkey, while packaged goods maker Britannia is bringing some production back home.

Some firms are also front-loading purchases and closely tracking demand to avoid overstocking, underscoring tighter working capital discipline.

Arvind Fashions ARVF.NS has advanced inventory buys to lock in costs and is relying more on local suppliers, while Tata Group retailer Trent TREN.NS is tweaking raw materials, packaging, and product development.

"My priority is not to take prices up," said Umashan Naidoo, head of customer and beauty at Trent, which offers Gen-Z-focused affordable trendwear through its brand ​Zudio.

($1 = 94.9450 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai and Chandini Monnappa in Bengaluru; Additional reporting by Surbhi Misra; Editing by Dhanya Skariachan and Himani Sarkar)

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May 18 (Reuters) - United Breweries Ltd UBBW.NS:

• UNITED BREWERIES LTD - CLOSURE OF OPERATIONS OF LUDHIANA BREWERY/UNIT

• UNITED BREWERIES - CLOSURE BREWERY WILL NOT IMPACT BUSINESS PERFORMANCE IN STATE

• UNITED BREWERIES - ENTERED INTO LONG-TERM CAPACITY LEASE AGREEMENT WITH CONTRACT BREWING UNIT

Source text: ID:nnAZN4SWVW9

Further company coverage: UBBW.NS

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May 12 (Reuters) - United Breweries Ltd UBBW.NS:

• UNITED BREWERIES LTD - FAVOURABLE TAX ORDER REDUCED DEMAND TO 70 MILLION RUPEES

• UNITED BREWERIES - 70 MILLION RUPEES DEMAND REDUCED TO NIL AFTER DEFENSE BEFORE TRIBUNAL

Source text: ID:nBSE5QKJRv

Further company coverage: UBBW.NS

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** Shares of India's United Breweries UBBW.NS fall 4.39% to 1,390 rupees

** Beer maker's Q4 revenue fell 0.4%; total expenses grew 1.6%

** Profit rose 4.4% y/y to 1.02 billion rupees ($10.72 million)

** Sourcing mix hit revenue even as volumes grew; margins lifted profit

** Gross profit margin rose 332 bps y/y

** UBBW rated "Hold" on average by 20 analysts, median PT: 1,759 rupees - data compiled by LSEG

** Nifty FMCG .NIFTYFMCG index down ~0.2% on the day

** YTD, stock down ~12% vs Nifty FMCG index's ~6.5% decline

($1 = 95.1800 Indian rupees)

(Reporting by Bipasha Dey in Bengaluru)

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May 5 (Reuters) - United Breweries Ltd UBBW.NS:

• UNITED BREWERIES LTD - RECOMMENDS DIVIDEND OF 10 RUPEES PER EQUITY SHARE

• UNITED BREWERIES LTD MARCH-QUARTER PROFIT 1.02 BILLION RUPEES

• UNITED BREWERIES LTD MARCH-QUARTER REVENUE FROM OPERATIONS 44.06 BILLION RUPEES

Source text: ID:nBSEbTWyT8

Further company coverage: UBBW.NS

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By Aditya Kalra

NEW DELHI, April 21 (Reuters) - India's antitrust agency has made Anheuser-Busch InBev a target of a cartel investigation after the world's leading brewer cooperated for four years as a witness, leading to a court battle in which AB InBev has obtained a temporary injunction, according to two sources and documents.

Since 2022, the Competition Commission of India (CCI) has been investigating 42 alcohol retailers in Telangana, India's largest beer consuming state, for allegedly forming a cartel to exclude AB InBev's ABI.BR rivals, leading to a surge in market share for the Belgium-based maker of beers including Budweiser and Corona.

As part of the case, AB InBev was raided in 2024, but no other details have been previously made public in line with CCI's rules on its investigation of alleged cartels.

AB InBev's status in the case was changed from a third-party to "party under investigation" in November 2025, which was illegal as "no prior notice, hearing, or reasoned order preceded this drastic alteration," the company said in a court filing that was reviewed by Reuters.

In a brief court hearing on April 16, a judge in southern Karnataka state put the investigation against AB InBev on hold, two sources with direct knowledge of the decision told Reuters.

The court order has not yet been made public, but one of the sources said the court took the decision as it saw merit in AB InBev's concerns.

AB InBev, the world's largest brewer, did not respond to Reuters requests for comment. Nor did the CCI. The sources declined to be named as the case details were confidential.

Making a company a "party under investigation" from a third-party is a significant change in any case and is done when investigators feel they have discovered some evidence against an entity, according to lawyers familiar with the process.

"Your rights of defence are compromised. Now the company needs to defend itself," said Avaantika Kakkar, head of competition practice at Indian law firm Cyril Amarchand Mangaldas, which is not involved in the case.

Courts across India have had differing views on whether a third-party can be made an accused without notice, lawyers say. However, if the CCI succeeds in overturning the court block, AB InBev will be exposed to penalties that could be as much as three times its profit or 10% of the company's turnover for each year of wrongdoing.

COURT PAPERS REVEAL CASE DETAILS

India's beer market is worth $10 billion, according to the Brewers Association of India, which says Heineken alone accounts for roughly half the market, while AB InBev and Carlsberg CARLb.CO each account for 19%.

The case about retailers in Telangana is the toughest regulatory move against the sector since Heineken-controlled United Breweries and Carlsberg were fined more than $100 million collectively in 2021 after being found guilty of price collusion, though both brewers repeatedly denied wrongdoing. AB InBev acted as a whistleblower in that case.

AB InBev's court papers on the Telangana case reveal for the first time CCI's initial views on the allegations, though the complainant's name has been withheld by the watchdog.

The CCI found merit in allegations that scores of retailers had entered into arrangements among themselves to stock and sell AB InBev beers, and exclude products from Heineken HEIN.AS, United Breweries UBBW.NS and Carlsberg.

The regulator also said it had found retailers were eligible to receive a special incentive for promoting products of AB InBev exclusively. United Breweries and Carlsberg did not respond to Reuters requests for comment.

AB InBev privately told the CCI the case should be dismissed as the agency had failed to provide any evidence to show any communication "between the retailers to boycott non-ABI beers", the court papers showed.

AB InBev continued to cooperate with authorities between 2023 and 2025 and provided sensitive business information, including details of incentives it provided, before realising in November last year it was now itself under investigation, the filing said.

"Such unilateral action is antithetical to the fundamental requirement of fairness," AB InBev said.

(Reporting by Aditya Kalra; Editing by Kate Mayberry)

((Email: [email protected]; X: @adityakalra;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Ujjaini Dutta

BENGALURU, April 10 (Reuters Breakingviews) - As India’s busiest beer season approaches, Carlsberg CARLb.CO is readying its taps. The Tuborg-maker is preparing a $700 million listing of its India arm in a market that offers room for growth at a time when the brewer is grappling with high debt and sluggish beer sales in the West. A premium valuation, possible in a country where wealthy drinkers are trading up, could help the brewer pay down its chunky deal-making tab.

Carlsberg has spent 20 years building its India business. The $18 billion brewer reckons its high-end Tuborg brand is the “most-consumed” in the world’s fourth-largest economy. It has also seen its share of the 639 billion rupees ($6.86 billion) beer market increase to 22% from just about 5% in 2011. But debt has been hanging over the brewer since its $4 billion acquisition of soft drinks maker Britvic in 2024. Since that deal, its net debt-to-EBITDA ratio roughly doubled to 3.25 in the year ended December 2025, well above its 2.5 target.

An India listing gives Carlsberg a shot at a richer valuation that can help bring down this debt. Carlsberg trades at about 13 times its expected earnings this year, trailing rival Anheuser-Busch InBev’s ABI.BR over 17 times. Heineken HEIN.AS-owned United Breweries UBBW.NS in India, by comparison, trades at 80 times. That valuation gap is not unique: Nestlé India NEST.NS at 73, Hindustan Unilever HLL.NS at 47 and LG Electronics India LGEL.NS at 54 trade at multiples higher than their parent companies.

Carlsberg can also use the proceeds from the listing to help fund its expansion plans in India. The growing beer market looks compelling as booze loses pull in ageing, health-conscious populations in Europe and North America. India's beer consumption is still very low - just 2 litres per person annually, according to market research firm IMARC Group. That's far below consumption levels in the U.S. and Europe, suggesting significant room for growth. Meanwhile, the market is expected to grow over 5% annually, compared to Europe’s 2% and North America’s 4%, amid a surge of demand from affluent Indians.

Still, India won’t be an easy win. The sector faces complex state regulations, high levies, and increasing competition from local beer makers and giants like United Breweries and AB InBev. United Breweries, India’s listed beer market leader, is also pushing further into the premium segment in a bid to restore its net profit margin which has halved since 2019. But a local listing will hand Carlsberg's CEO Jacob Aarup-Andersen a currency to strike deals in the country. And with a lighter debt load, he has a shot at growing beyond India too.

Follow Ujjaini Dutta on LinkedIn and X.

CONTEXT NEWS

Carlsberg CEO Jacob Aarup-Andersen on February 4 said that the company was exploring a potential listing of its India business.

Carlsberg has appointed three banks - Kotak Mahindra Capital Co. and the local units of JPMorgan Chase & Co and Citigroup - for the potential listing of its India arm, Bloomberg reported on February 23, citing people familiar with the matter. This offering could raise as much as $700 million.

A draft red herring prospectus could be filed as early as May.

(Editing by Aimee Donnellan; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))

April 2 (Reuters) - United Breweries Ltd UBBW.NS:

• UNITED BREWERIES LTD - GETS TAX ORDER TOTALING TO 225 MILLION RUPEES

Source text: ID:nBSE6mHKzR

Further company coverage: UBBW.NS

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By Aditya Kalra

NEW DELHI, March 24 (Reuters) - Global brewers operating in India are warning of price increases and supply disruptions as a shortage of gas due to the Iran war drives up the cost of glass bottles and shipping delays hit imports of aluminium needed by can makers.

India is especially vulnerable to fuel availability as the world's fourth-largest importer of natural gas, relying heavily on the Middle East for shipments, sourcing about 40% of its supply from Qatar.

Iranian attacks have partially disrupted Qatar's export capacity, tightening gas availability for Indian manufacturers.

The Brewers Association of India, representing global brewers Heineken HEIN.AS, Anheuser-Busch InBev ABI.BR and Carlsberg CARLb.CO told Reuters that glass bottle prices have surged around 20%, paper carton rates have doubled as well as other packaging materials such as labels and tape.

Gas is essential to keeping furnaces and production lines running, and shortages have forced several glass bottle makers to partially or fully halt operations. Aluminium can suppliers have also warned of possible reductions just as India heads into its peak summer season, when beer sales typically rise.

"We are asking for price increases in the range of 12-15%," the association's director general Vinod Giri told Reuters. "We have advised our member companies to individually approach states."

The rising cost of production is making some operations unsustainable, he added.

Heineken's India unit United Breweries UBBW.NS, Anheuser-Busch InBev and Carlsberg did not respond to Reuters queries.

The market was worth $7.8 billion in 2024, and is expected to double by 2030, Grand View Research says. Heineken alone accounts for roughly half the market, while AB InBev and Carlsberg each account for 19%, the association said.

While the three companies dominate India's beer sector, many smaller players such as Bira and Simba also operate in the market.

GLASS, PLASTICS INDUSTRY CRISIS

Beer and liquor sales in India have grown steadily alongside rising urbanisation and a young, increasingly affluent population.

The Confederation of Indian Alcoholic Beverage Companies, which represents many domestic companies, said it has written to several states seeking price adjustments to offset rising freight, logistics and input costs.

India's alcohol sector is tightly regulated, and raising retail prices typically requires approval. Around two-thirds of India's 28 states must authorise changes.

"Brewers may find it difficult to maintain supplies in states that do not allow price increases," the association said.

Some glass bottle vendors are warning their clients of reduced supplies and have increased their prices.

Nitin Agarwal, CEO of Fine Art Glass Works in Firozabad, a glass-making hub in northern Uttar Pradesh state, said he has cut production by 40% at his glass bottle making factory due to gas shortages. His customers include many liquor companies as well as producers of juice and ketchup bottles.

"We've cut production and increased prices by 17-18%," Agarwal said.

The shortages have already affected India's $5 billion bottled ‌water market with some producers increasing prices by 11% due to rising rates of plastic bottles and caps.

And there are signs the crisis is spreading.

An executive at Lotte Chilsung Beverage, one of the leading South Korean soft drinks companies, told Reuters that it has up to three months of inventory for plastic bottles and plastic materials.

"The situation is serious," he said.

(Reporting by Aditya Kalra; additional reporting by Hyunjoo Jin; Editing by Louise Heavens)

((Email: [email protected]; X: @adityakalra;))

March 18 (Reuters) - United Breweries Ltd UBBW.NS:

• UNITED BREWERIES LTD - RECEIVES ENVIRONMENTAL CLEARANCE FOR GREENFIELD BREWERY IN UTTAR PRADESH

Source text: ID:nBSE9ZB60Z

Further company coverage: UBBW.NS

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March 13 (Reuters) - United Breweries Ltd UBBW.NS:

• UNITED BREWERIES LTD - RECEIVES GST DEMAND ORDER OF 318.8 MILLION RUPEES INCLUDING PENALTY

Source text: ID:nBSE5rqvCb

Further company coverage: UBBW.NS

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Adds details in paragraphs 2-7

March 6 (Reuters) - Thirsty young techies and professionals in the state home to India's Silicon Valley are expected to get easier access to a pint as authorities plan to scrap government-administered price controls on alcoholic beverages from April 2026.

Karnataka, home to technology hub Bengaluru, is one of India's most lucrative alcohol markets, with its large base of young professionals and multinational workforce driving demand for premium brands from global drinks makers like Diageo DGE.L, Pernod Ricard PERP.PA, Anheuser-Busch InBev ABI.BR and Carlsberg CARLb.CO.

Shares of Indian alcohol makers including United Breweries UBBW.NS, Tilaknagar Industries TILK.NS and Radico Khaitan RADC.NS rose following the policy announcement, with United Spirits UNSP.NS, owned by Diageo, jumping 5.4% and United Breweries, backed by Heineken HEIN.AS, gaining 2.6%.

India is the world's eighth-largest alcohol market with annual revenues of $45 billion; each state has its own regulations and pricing.

In Karnataka, the government controls retail alcohol pricing. Manufacturers declare ex-factory prices, based on which the state fixes the maximum retail price.

The state has among the highest alcohol taxes in India, with liquor classified into multiple price sections, each attracting an additional excise duty.

Karnataka now plans to introduce an alcohol-in-beverage-based excise duty structure that taxes alcohol based on its strength and reduce pricing categories to eight from 16, while allowing producers to decide on prices.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Thomas Derpinghaus)

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Adds details from deal with United Breweries Ltd paragraphs 5-6

By Gus Trompiz and Sybille de La Hamaide

PARIS, Feb 20 (Reuters) - France's Soufflet Malt, the world's largest malt producer, will invest 100 million euros ($118.2 million) in a new production facility in India as it aims to capture rising beer demand in emerging markets, it said on Friday.

The facility, to be located in the south of the state of Rajasthan, will produce 110,000 metric tons of malt annually in its first phase, which is scheduled for completion by early 2028. A second phase, which could double output, is planned if beer consumption in India continues to rise.

Soufflet Malt's push in emerging markets contrasts with restructuring in Europe, where it faces declining beer consumption. The group said it would close two factories in Germany and one in the UK to optimise costs.

"We have countries in which there are decreases (in beer consumption), but if there is one country where we see really a big growth coming, it's India," Soufflet Malt Chief Executive Jorge Solis told Reuters from India, where he was travelling with French President Emmanuel Macron on a three-day visit to the country.

India's per capita beer consumption remains low at about 2 litres annually, compared with about 70 litres in the U.S. and 130 litres in the Czech Republic, the world's top consumer, industry data shows.

United Breweries Limited UBBW.NS, a Heineken-owned company HEIN.AS that controls about half of India's beer market, will be the main beneficiary of the plant's output but not necessarily the only one, Solis said.

"This initiative directly supports UBL's commitment to the long-term growth of the beer category in India by strengthening backward integration, securing a consistent supply of high-quality malt for iconic brands like Kingfisher and Heineken," the companies said in a joint statement.

Solis highlighted whisky as another growth segment in India, noting that the country is the largest whisky market globally, with demand significantly surpassing that for beer.

Soufflet Malt, part of French grain group InVivo, already operates a malt house in Rajasthan, with an 18,000-ton capacity. It sources barley locally and supplies malt to local brewers.

Elsewhere, Soufflet Malt is exploring plans to expand in South America, which is likely to include doubling its production capacity in Brazil, Solis said.

The firm is currently building a malt plant in South Africa dedicated to supplying Heineken.

($1 = 0.8460 euros)

(Reporting by Sybille de La Hamaide and Gus Trompiz. Editing by Kirsten Donovan and Mark Potter)

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Feb 13 (Reuters) - United Breweries Ltd UBBW.NS:

• UNITED BREWERIES - NFAC PASSES FRESH ORDER REDUCING DEMAND TO 32.1 MILLION RUPEES FROM 1.02 BILLION RUPEES

Source text: ID:nBSEbRP0Rt

Further company coverage: UBBW.NS

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Feb 10 (Reuters) - United Breweries Ltd UBBW.NS:

• UNITED BREWERIES Q3 PROFIT 808.3 MILLION RUPEES

• UNITED BREWERIES Q3 REVENUE FROM OPERATIONS 39.36 BILLION RUPEES

Source text: ID:nBSE8ll7hK

Further company coverage: UBBW.NS

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Jan 19 (Reuters) - United Breweries Ltd UBBW.NS:

• UNITED BREWERIES LTD - SALE DEED EXECUTED FOR 8 ACRES IN HYDERABAD

• UNITED BREWERIES LTD - SALE CONSIDERATION OF 808 MILLION RUPEES

Source text: ID:nBSE5cGspQ

Further company coverage: UBBW.NS

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** Shares of United Breweries UBBW.NS rise as much as 2.79% to 1847.9 rupees

** J.P.Morgan reiterates "overweight" rating; cites sustained premiumisation, category development, distribution enhancement and supply chain initiatives to support earnings in a challenging period

** Says, above-average monsoon rains doused sales of summer products such as beer this quarter, but volumes should recover in the second half of fiscal 2026

** Price hikes in several states, better bottle return and recycled glass use, and stable barley costs bode well for margin expansion - brokerage

** Adds, UBBW shares corrected 10% over the past two months, offering a good entry opportunity

** The average rating of 18 analysts tracking UBBW is "hold", median PT is 2,018.50 rupees - data compiled by LSEG

** UBBW shares are down 12% in 2025 so far, lagging the 0.5% drop in FMCG index .NIFTYFMCG, exchange data shows

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

Updates shares in paragraph 2, adds new quotes

Sept 4 (Reuters) - India late on Wednesday announced tax cuts on hundreds of consumer items ranging from soaps to small cars to spur domestic demand, and simplified its complicated goods and services tax structure to two rate slabs from four, with some exceptions for luxury and "sin" goods.

The benchmark BSE Sensex .BSESN and Nifty 50 .NSEI rose as much 1.1% on Thursday. By 11:55 IST, they pared some gains and were up about 0.5% each.

Here is how the industry has reacted so far:

ANISH SHAH, GROUP CEO & MD, MAHINDRA GROUP

"The next-generation GST reforms... mark a defining moment in India's journey towards building a simpler, fairer, and more inclusive tax system.

"At Mahindra, we view these reforms as transformative. They simplify compliance, expand affordability, and energise consumption, while enabling industry to invest with greater confidence."

SAURABH AGARWAL, PARTNER & AUTOMOTIVE TAX LEADER, EY INDIA

"The rationalization of GST rates on automotive vehicles and parts is a truly welcome and significant development. By making vehicles more affordable across all segments, this move will not only boost consumer spending but also simplify complex classification disputes that have long burdened the industry."

SAMIR SHAH, EXECUTIVE DIRECTOR & CFO, HDFC ERGO GENERAL INSURANCE COMPANY

"The GST Council decision to exempt individual health insurance from GST is a welcome development. This move aligns perfectly with the broader ambition of the regulator of 'Insurance for All by 2047,' providing a tangible step forward in that direction.

"While it is anticipated that there will be lowering of the premiums due to lowering of the taxes, we are yet to understand the extent of this reduction as this will also depend upon availability of the input tax credit, which will become clearer over the coming days."

NILESH SHAH, MANAGING DIRECTOR, KOTAK MAHINDRA ASSET MANAGEMENT CO

"The GST announcement lowers inflation, increases growth, boosts consumer sentiment, doesn't disturb the path of fiscal consolidation, improves ease of doing business and partially offers adverse effects of tariffs."

SHAILESH CHANDRA, PRESIDENT, SOCIETY OF INDIAN AUTOMOBILE MANUFACTURES

"This timely move is set to bring renewed cheer to consumers and inject fresh momentum into the Indian automotive sector. Making vehicles more affordable, particularly in the entry-level segment, these announcements will significantly benefit first-time buyers and middle-income families, enabling broader access to personal mobility."

C S VIGNESHWAR, PRESIDENT, FEDERATION OF AUTOMOBILE DEALERS ASSOCIATIONS

"The 56th GST Council meeting marks a watershed moment for India's automobile retail industry. This is a decisive step that will boost affordability, spur demand, and make India's mobility ecosystem stronger and more inclusive.

"One area that may need earliest clarification is about levy and treatment of cess balances currently lying in dealers' books, so that there is no ambiguity during transition."

SANJEEV ASTHANA, CEO, PATANJALI FOODS LIMITED

"At Patanjali Foods, we are fully committed to passing on these benefits to our consumers. This initiative will not only enhance FMCG penetration across urban and rural India but also act as a catalyst for broader economic revival by lifting consumption and supporting allied sectors.

"Our categories such as ghee, soaps, biscuits, noodles, honey, and chyawanprash will benefit from this reduction."

RADHIKA RAO, SENIOR ECONOMIST AT DBS BANK

"Lower GST rates will be positive for growth in the second half of the year and FY27, besides improving operational efficiency and expanding the size of the formal economy."

SHRIPAL SHAH, MD & CEO, KOTAK SECURITIES

"The GST rate cuts come at the right time which is just ahead of the festive season and against the backdrop of U.S. tariff tiffs. Lower taxes on essentials, FMCG products, autos and cement will leave consumers with more money in hand.

"This should directly boost demand, help traders and businesses see higher volumes, and may even favourably impact next quarter's earnings. It also carries the potential to ease inflation. The key will be how quickly companies pass on the benefits to customers."

DEVARSH VAKIL, HEAD OF PRIME RESEARCH, HDFC SECURITIES

"The GST reforms represent a paradigm shift toward economic rationality, with rate reductions on essentials like dairy, medicines, and food directly benefiting consumers due to their inelastic nature.

"Combined with RBI rate cuts, FY26 income tax rebates, and moderating inflation, these reforms create multiple stimuli for consumption and economic growth."

SUDARSHAN VENU, CHAIRMAN, TVS MOTOR COMPANY

"The GST tax cuts are a major move by the government to further turbocharge growth. For our industry especially, it’s a welcome move as it will help two wheelers become more accessible and also help those looking to upgrade."

NEERAJ AKHOURY, PRESIDENT, CEMENT MANUFACTURERS' ASSOCIATION AND MANAGING DIRECTOR, SHREE CEMENT

"Bringing GST down to 18% corrects a long-standing anomaly, aligns cement with other core building materials, and enhances global competitiveness. As a key input for infrastructure and housing, fairer taxation is expected to boost consumption and support projects from affordable housing to large-scale infrastructure."

NITIN RAO, CEO, INCRED WEALTH

"History has shown that such measures add significantly to GDP growth and a repeat is expected.

"Positive this will play out, though a small concern remains wherein recent measures like the rate cuts + budgetary measures taken on reduced taxes have not created necessary consumption boosters. We will have to wait and see if this welcome third step reverses the consumption trend or there is a deeper problem around availability of money with consumers."

RAHUL SINGH, CIO-EQUITIES, TATA ASSET MANAGEMENT

"The GST rate rationalisation, following the income tax cuts and lower interest rates, is a serious effort to boost consumption and hence the overall economic growth outlook.

"This coupled with certain process reforms is also positive for SMEs (small and medium enterprises). While the direct beneficiaries include consumer, autos, cement, healthcare and insurance sectors, the second order beneficiaries in terms of growth will be retail banks & NBFCs (non-bank financial companies)."

RAJNEESH KUMAR, CHIEF CORPORATE AFFAIRS OFFICER, FLIPKART GROUP

"By lowering input costs for farmers, simplifying compliance for MSMEs (micro, small and medium enterprises), and enabling small sellers, artisans/weavers and smallholder farmers to seamlessly join e-commerce across states, these reforms will further strengthen India's growth engine.

"Timely implementation of these reforms ahead of the upcoming festival season will surely give a huge boost to consumption across categories, widen market access, and accelerate our collective journey towards a Viksit Bharat."

SHEETAL ARORA, CEO, MANKIND PHARMA

"The GST revisions go beyond tax rationalization, they represent a structural shift in how India is enabling healthcare access. By removing GST on lifesaving rare-disease and oncology therapies and reducing it on essential medicines and diagnostics, the government has signaled that affordability and innovation can go hand in hand."

AMIT PAITHANKAR, CEO OF WAAREE ENERGIES

"The recent GST rationalization reflects the government’s commitment to India’s clean energy transition. The reduction will lower project costs and accelerate the capacity addition needed to meet India’s clean energy targets. It also sends a strong signal to investors, improving the financial viability and attractiveness of the renewable energy sector."

(Reporting by Chandini Monnappa, Bharath Rajeswaran, Manvi Pant, Kashish Tandon, Meenakshi Maidas, Nandan Mandayam, Yagnoseni Das, Vivek Kumar M and Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee)

(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

** Kingfisher beer maker United Breweries UBBW.NS climbs 1.9% to 2,075.1 rupees in early trade

** Co reported a 6% on-year rise in first-quarter profit at 1.84 billion rupees ($21.3 million), helped by lower excise duty costs and strong demand for premium beers

** Stock rated "hold" on avg, while rival United Spirits UNSP.NS rated "buy" - data compiled by LSEG

** Year-to-date, UBBW up 1.8%, UNSP down 17%

($1 = 86.3940 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

July 22 (Reuters) - United Breweries Ltd UBBW.NS:

• Q1 PROFIT 1.84 BILLION RUPEES

• Q1 REVENUE FROM OPERATIONS 53.79 BILLION RUPEES

Source text: ID:nBSEZdk7m

Further company coverage: UBBW.NS

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May 7 (Reuters) - United Breweries UBBW.NS, the largest beer seller in India, reported a 20.5% increase in quarterly profit on Wednesday, lifted by solid demand for higher-priced beers and lower excise duty costs.

The Kingfisher beer maker's standalone profit rose to 973.8 million rupees ($11.50 million) in the fourth quarter ended March 31, from 808.4 million rupees an year earlier.

United Breweries, majority-owned by Netherlands-based Heineken HEIN.AS, reported a 7.6% decline in revenue after it briefly stopped supply to India's top beer consuming state, Telangana. Still, volumes were up 5% in the quarter, with those of premium beers jumping 24%.

Total expenses dropped 8.6%, led by a 21% decline in excise duty.

KEY CONTEXT

Indians with more means are shrugging off high cost of living to spend on indulgences from Nestle's NEST.NS pricier chocolates to costlier beers sold by United Breweries, Anheuser-Busch InBev's ABI.BR Budweiser and Carlsberg CARLb.CO.

In the reported quarter, however, United Breweries was at odds with Telangana over delayed payments and a lack of government approval for price increases since 2019/20.

PEER COMPARISON

* The mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

JANUARY TO MARCH STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 84.6510 Indian rupees

($1 = 84.6660 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai and Nandan Mandayam in Bengaluru; Editing by Shailesh Kuber)

(([email protected]; +91 867-525-3569;))

April 3 (Reuters) - United Breweries Ltd UBBW.NS:

• UNITED BREWERIES LTD - LAUNCHES AMSTEL GRANDE IN UTTAR PRADESH

Source text: ID:nBSE6bbS8W

Further company coverage: UBBW.NS

(([email protected];))

Feb 14 (Reuters) - United Breweries UBBW.NS may raise beer prices further in India's Telangana, a top official said, days after the country's largest beer-consuming state permitted brands to do so for the first time in five years.

The southern Indian state's decision on Tuesday came as a much-needed reprieve for the company, which had briefly halted its supply to the state.

The Kingfisher beer maker, majority-owned by Dutch liquor giant Heineken HEIN.AS, had earlier this year said it was facing delayed payments and a lack of government approval for price increases for about five years.

The company has a 70% market share in Telangana and brings in 15% to 20% of its revenue from the state, where it is currently not profitable.

United Breweries is "not fully out of the red" in Telangana, CEO Vivek Gupta said on an earnings call, adding that the company expects another price increase in the state in the "very, very near foreseeable future".

Separately, United Breweries also said beer sales in January was weak, partly due to the supply halt in Telangana, even as it added sales had rebounded in February. It did not directly quantify the impact of the supply halt.

On Thursday, United Breweries reported a 25% fall in its quarterly profit, as inflation-wary consumers cut back on spending on its cheaper beers in a few states including West Bengal and Tamil Nadu.

(Reporting by Ashna Teresa Britto in Bengaluru and Praveen Paramasivam in Chennai; Editing by Leroy Leo)

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Feb 13 (Reuters) - United Breweries Ltd UBBW.NS:

• UNITED BREWERIES Q3 PROFIT 382.6 MILLION RUPEES

• UNITED BREWERIES Q3 REVENUE FROM OPERATIONS 44.25 BILLION RUPEES

Source text: ID:nBSEYXsJ4

Further company coverage: UBBW.NS

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